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JLR and Ford prepare for mass job cuts

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Armstrong declined to quantify the job cuts, pending negotiations with labour leaders, but said they would run into the thousands. "Nothing is off the table", Mr Armstrong said. "Britain's auto workers have been caught in the crosshairs of the Government's botched handling of Brexit, mounting economic uncertainty and ministers' demonisation of diesel, which along with the threat of a no-deal Brexit, is damaging consumer confidence". Read More »

Elon Musk's SpaceX to cut 10% of staff amid 'difficult challenges'

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The SpaceX founder shared the first real images of the prototype from its Texas launch site, telling Twitter followers it is "not a rendering". It has a lucrative business sending government and commercial satellites into orbit, including a launch from California on Friday, and delivering supplies to the International Space Station. Read More »

China Takes Wind Out Of Apple iPhone Sales

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Wednesday's sales forecast was the first time that Apple had revised its guidance to investors for more than 15 years. While the reduction in gross margin is small, it suggests that buyers are shifting to lower-priced products. And it seems that things are not going as well for Apple as the company had hoped for. Rob Enderle, an independent analyst said, "When the United States went after the Huawei founder's daughter, the Chinese government made Apple the target of the day, so sales ... Read More »

Elon Musk's SpaceX to lay off 10 per cent of workforce

The company said it will "part ways" with some of its manpower, citing "extraordinarily hard challenges ahead". Last month, SpaceX launched its first United States national security space mission, when a SpaceX rocket carrying a U.S. The statement did not disclose the size of the layoffs, but a company source, speaking on background, estimated the cuts at 10 percent of the workforce. Read More »

Federal workers speak about shutdown with members of Congress at Metro Airport

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Airports Council International-North America, which represents United States airports, urged Mr Trump and congressional leaders in a letter to quickly reopen the government. Those workers on Friday will get their first $0.00 pay stub, stoking worries that the situation could soon become untenable. According to the American Federation of Government Employees (AFGE ), more than 50,000 TSA officers and staff will most likely miss another paycheck during this shutdown. Read More »

Costco sells out of 27-pound bucket of mac and cheese

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And for $89.99 per bucket, that's about $2 per serving- so it's basically a steal. Costco's massive bucket of mac & cheese is now sold out. And if you're on the fence about the cheesy treat, but dabble in doomsday prepping in your off-hours, you'll also want to pay attention. Read More »

Saudi to slash oil exports after price slide: Energy minister

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OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to shore up sliding prices. "China trade talks and firm commitments made by Saudi Arabia to cut oil production", he said. Brent crude had hit US$85 a barrel in early October, but prices dived more than 40 per cent over the following two months on oversupply and fears a trade war between the United States and China could slash demand. Read More »

Larry Ellison discloses $1B stake in Tesla

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Tesla boss Elon Musk has been offered a "green card", China said on Thursday, a privilege enjoyed by an elite group of foreigners, including several Nobel laureates and a former National Basketball Association star. During the meeting, Musk expressed his affection for China, with Li responding by saying he could be granted permanent residency. If he really does receive his Chinese green card, Musk will join the likes of Nobel Prize-winning chemist Kurt Wuethrich, Nobel Prize-winning ... Read More »

Nissan re-commits to Mitsubishi, makes corporate adjustments post-Ghosn

Nissan's ex-chairman Carlos Ghosn was charged Friday with breach of trust , according to the Tokyo District Court, making the star executive's release unlikely for months. Pressure on Ghosn rose further on Thursday after French daily Liberation reported that he had not been paying French income taxes since 2012, after moving his fiscal residency to the Netherlands. Read More »

Fiat Chrysler to pay customers, governments for cheating emissions tests

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The vehicles involved in the settlement are the 2014, 2015 and 2016 model year Jeep Grand Cherokee SUVs and Dodge Ram 1500 trucks with 3-liter diesel engines. "With this settlement, we are holding Fiat Chrysler accountable and securing important funds for environmental protection efforts". The company will also pay a $305 (£239 / €265) million civil penalty and "implement a program to mitigate excess pollution from these vehicles". Read More »

Powell repeats pledge to remain 'patient' with rate hikes

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In his remarks before the Economic Club of Washington , Powell described the economy as strong at the end of past year, with the lowest unemployment levels in a half-century and solid gains in wages. He also said that the Fed had no preset path for rate hikes and would be "patient" when determining whether to hike interest rates further in response to strong US growth that risks sparking inflation, or to pause rate hikes to account for a global economic slowdown. Read More »

With more tariffs, US-China trade outlook looks grim, says data

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China and the USA wrapped up three days of trade talks, with people familiar with the discussions saying their positions were closer on areas including energy and agriculture but further apart on harder issues. Washington has been clamouring for an end to the forced transfer - and even theft - of American technology and intellectual property, as well as steep government subsidies for Chinese companies. Read More »

Toyota recalls 1.7m vehicles worldwide over air bag inflators

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More than 290 injuries worldwide have been linked to Takata inflators that could explode, spraying metal shrapnel inside cars and trucks. USA authorities in 2014 exposed the Takata airbag defect, which has since resulted in a series of massive recalls concerning at least 100 million units worldwide from multiple manufacturers. Read More »

Routine Food Inspections Halted by U.S. Government Shutdown: FDA

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Under normal circumstances, the FDA inspects around 160 USA food production facilities a week, many of them deemed high-risk. "We're still doing ALL our regular foreign food inspections", Gottlieb said on Twitter. The FDA oversees about 80 percent of America's food supply and many overseas imports, and helps counter food-borne diseases that send about 128,000 people to the hospital each year, according to figures from the Centers for Disease Control and Prevention. Read More »

Rare 1943 copper coin could fetch a pretty penny in auction

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Don Lutes Jr. kept the 1943 copper penny he stumbled upon in his high school cafeteria seven decades ago in a safe behind a wall in his MA home. After being dispelled by the Treasury Department, Lutes chose to keep his 1943-branded coin for his personal collection. Read More »

Gold steady as dollar sags on Fed rate pause bets

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The pan-continental Stoxx Europe 600 fell 0.1% in opening trade. Gold rose and palladium hit a record high on Monday as the dollar was dented by expectations that the U.S. Wee said he still expects the Fed to hike rates twice this year. The dollar index, a gauge of its value versus six major peers, stood at 96.12 early on Monday, down 0.07 percent. Read More »

US Says China Willing to Buy More American as Trade Talks End

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Musk said production of its Model 3 would start late this year. The discussions "went just fine", he said without elaborating, the Hong Kong-based South China Morning Post reported. The Trump administration wrapped up the latest round of trade talks in Beijing , noting a commitment by China to buy more US agricultural goods, energy and manufactured items. Read More »

White House: Tax refunds will be paid despite govt. shutdown

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The White House Office of Management and Budget announced the decision in order to make the shutdown as "painless as possible" for citizens, in the event it carries on into tax season. The White House says that tax refunds will be paid during the government shutdown , after all, The Wall Street Journal reports . President Trump has threatened to continue the ongoing federal shutdown for months, or longer. Read More »

Unifor rallying union members to protest GM's Oshawa factory closing

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Unifor's national auto director Dino Chiodo, former president of Local 444 in Windsor, also expressed his frustration with GM executives following Tuesday's meeting. David Paterson, vice-president of corporate affairs at GM Canada, told The Canadian Press the union should instead work with the company on timing the transition for affected workers. Read More »

What hope for markets in the US-China trade talks?

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Oil prices rose 2 percent on Wednesday as the extension of US-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff. Chinese foreign ministry spokesman Lu Kang said Kim's visit and the trade talks were "two separate matters". The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges she misled multinational banks about her company's business dealings in Iran. Read More »

Mobile pokes fun at AT&T and its new 5G E icon

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AT&T's rivals say the company's "5G E" service is misleading since it's really based on 4G LTE technology. Of course, some are saying Verizon's announcement is just covering up the fact that it launched a "5G" home service in October 2018 that actually isn't the real, global standard for 5G. Read More »

Pipeline protesters delay Trudeau speech to First Nations with drums, chants

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Protesters also turned out in Victoria , where a group called "Rise and Resist" rallied outside the provincial legislature in support of the Wet'suwet'en First Nation. and performed traditional Indigenous rituals such as smudging, a ceremony that involves the burning of sacred herbs. In the Delgamuukw case, Gitxsan and Wet'suwet'en hereditary chiefs claimed separate portions of 58,000 square kilometers of B.C. Read More »

How the government shutdown is starting to affect air travel

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Since federal employees' furlough began December 22, the longest security line so far has taken one hour to get through, and at some points, it's taken 30 to 45 minutes, Cooper said. "This problem of call-outs is really going to explode over the next week or two when employees miss their first paycheck", a union official at DFW told CNN . Read More »

OPEC Cuts, Stable Equity Markets Push Oil Price to $58

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Global benchmark March Brent crude UK:LCOG9 added $1.39, or 2.4%, to $58.72 a barrel on ICE Futures Europe , which also marks the longest string of gains in about 18 months. Supporting Ritterbusch's observations was news from Genscape that US crude inventories at Cushing, Oklahoma fell by 565,000 barrels from last Tuesday to Friday. Read More »

Time is running out for Sears; bankruptcy hearing Tuesday

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Chairman Eddie Lampert had put forward a $4.4 billion bid to save Sears by buying it out of bankruptcy through his hedge fund ESL Investments. US Bankruptcy Judge Robert Drain in the Southern District of NY, who is presiding over the case, could decide to give Lampert more time to improve his bid, the Reuters sources said , adding that a bankruptcy auction for Sears' assets is not due until January 14. Read More »

Heathrow Airport Departures Suspended After Reports Of 'Drone Sighting'

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It added it first received the reports at about 5:05 p.m. Tuesday. All departures were stopped "as a precaution" shortly after 5pm, leaving passengers stranded on the runway just weeks after a similar debacle caused chaos at Gatwick . Mr Grayling said: "We are in contact with Heathrow Airport concerning the drone sighting". Transport Minster Chris Grayling said the military are "preparing to deploy equipment used at Gatwick should it prove necessary". Read More »

Intel's 9th Gen Core processors headed to laptops in Q2 2019

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It's also teasing its first 9th-gen H-Series Core chips for notebooks for release in the second quarter of 2019. "Including 5G and artificial intelligence, Project Athena creates a path forward to accelerate laptop innovation through: An annual spec outlining platform requirements; new user experience and benchmarking targets defined by real-world usage models; extensive co-engineering support and innovation pathfinding; ecosystem collaboration to accelerate key laptop component ... Read More »

Samsung flags profit slump as Chinese rivals rise

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The company added that it expected earnings to remain subdued in the first quarter of 2019 but to strengthen in the second half of the year. Amid the smartphone woes, overall operating profit at Samsung's chip business is expected to have slipped 3.7 percent from a year ago to 10.5 trillion won. Read More »

Hyundai takes off-roading to next level with Elevate walking vehicle

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Hyundai said at the annual Consumer Electronics Show (CES) in Las Vegas that the "Elevate" concept vehicle was designed with first responders in mind, to allow them to navigate tricky terrain after an accident or natural disaster . The company believes that the technology could be used in non-emergency situations as well, particularly helping those with disabilities. "The possibilities are limitless". Read More »

Ex-Nissan boss Ghosn: misconduct charges are 'meritless'

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According to reports, Ghosn was led into the court in handcuffs and with a rope around his waist, and appeared notably thinner than previously. In an interview with AFP on the eve of the hearing, current Nissan CEO Hiroto Saikawa insisted: "I don't think it's in danger at all". Read More »

Apple Trolls Google & Amazon With Billboard at CES

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However, following a rough patch that's slashed more than $300 billion in market value in two months, Apple is using this week's CES conference to make a bold statement in a rather uniquely Apple fashion. Apple has made its commitment to consumer privacy quite public, separating itself from Google and Facebook that have been called into question for their privacy practices. Read More »

Tesla breaks ground on new China factory

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Earlier today, Tesla's Gigafactory in China, which is expected to produce the affordable versions of the Model 3 and the Model Y, held its groundbreaking event. 'Tesla's sales (in China) have dropped over the past few months because of high price caused by the tariffs. "And the competition is getting more and more fierce". Read More »